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Forex: GBP/USD Technical Analysis – Stalling at Range Support

Forex: GBP/USD Technical Analysis – Stalling at Range Support

2014-03-16 23:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6593 (23.6% Fib ret.), 1.6452 (38.2% Fib ret.)
  • Resistance: 1.6742 (Feb 14 close), 1.6785 (38.2% Fib exp.)

British Pound indecision continues as prices continue to tread water support at 1.6593 to the US Dollar, a level marked by the 23.6% Fibonacci retracement. A pair of back-to-back indecision candles hint a turn higher may be ahead, with a break above resistance at 1.6742 (February 14 close) exposing the 38.2% Fib expansion at 1.6785. Alternatively, a push through support targets the 38.2% retracement at 1.6452.

On balance, our fundamental view leans toward British Pound weakness against the greenback. Entering short with prices sitting squarely at support is unattractive from a risk/reward perspective however. We will opt to wait on the sidelines for now until an actionable setup presents itself.

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dailyclassics_gbp-usd_body_Picture_4.png, Forex: GBP/USD Technical Analysis – Stalling at Range Support

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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